Estate Planning

Do You Understand Your Estate Plan?

May 17, 2012

in Estate Planning

It is not uncommon for clients to create an estate plan and later not understand how their estate will be handled. The keys to an effective estate plan include not only executing well planned documents, but also understanding the importance of titling your assets and the impact that will have in the ultimate disposition of our estate. Often clients are unaware that the title to their assets and various beneficiary designations either partially or completely sidestep their estate plan. Please join us for one of our Estate Planning Seminars to better understand your estate plan.

Establishing a Trust

April 16, 2012

in Estate Planning

You love your heirs too much to pass them assets outright!

While you may trust your spouse and/or kids implicitly and have no concern about their use of your assets, establishing a trust for their benefit may be the best gift you could provide. Leaving assets outright leaves them subject to future creditors, marriages and divorces. For example, your spouse may inherit your assets and then be unlucky enough to be in a car accident which results in a creditor seeking to collect. The assets inherited from you are subject to the claims of those creditors. Alternatively, if you placed those assets in a trust for the benefit of your spouse they will be protected from creditors. The same applies to your children, the assets they inherit in a trust will be protected from their creditors and future divorces so long as they remain in the trust, all the while being held for the benefit of your children.

Please feel free to attend one of our upcoming Estate Planning Seminars to learn about this and other estate planning ideas that allow you to protect your family.

Our next Estate Planning Seminar, “The Essentials of Estate Planning” is April 18th from 5:00pm – 6:30pm.  Seating is limited. Please  RSVP to Annette at ahoskins@blalockwalters.com or (941) 748-0100.

Click here for the printable flyer.

Trust Protector – Should You Agree to be One?

March 28, 2012

You are one of three adult children. Your widowed mother is changing her trust. She will divide her property equally among you, your sister and your older brother. However, she feels your older brother will never be able to handle money responsibly so she has decided to keep his share in trust for his lifetime [...]

Read the full article →

Non-Profit Compensation – Beware of IRS Approval Requirements

December 31, 2011

Most of us engage with non-profits in our community because we are committed to their mission, and as a result of this passion, often times those related to us also become engaged in supporting our chosen organizations. In addition, these organizations are often organized and controlled by a small group of dedicated employees and volunteers. [...]

Read the full article →

Three Reasons You May Want to Review Your Power of Attorney Document

December 9, 2011

Effective October 1, 2011, the legislature substantially revised Florida’s Durable Power of Attorney Statute.  While durable powers of attorney executed before October 1, 2011 are still effective and valid, there are at least three reasons you may wish to consult with your attorney regarding your power of attorney. 1. The new Statute includes special language related [...]

Read the full article →

Who Will Manage Your Affairs?

December 7, 2011

Consider for a moment that you are traveling through life carrying along all of your “stuff” (a very technical term for your assets), including things like your home, investments, real estate, bank accounts, your car, etc. If something were to happen in your life and you were to become incapacitated (unable to manage your affairs) [...]

Read the full article →

IRS Issues Guidance on Marital Portability Election!

October 10, 2011

In December, 2010 the concept of “portability” was adopted in the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010.  Portability essentially allows a surviving spouse to use their own exclusion amounts and any remaining unused exclusion amounts of the deceased spouse.  The IRS recently published guidance in Notice 2011-82 on the Marital [...]

Read the full article →

Florida Legislature Provides Clarity Around LLC’s and Asset Protection

September 30, 2011

On June 24, 2010 the Florida Supreme Court called into question the use of limited liability companies for creditor protection here in Florida in the case of Olmstead v. F.T.C. Generally speaking, it became clear that a single member LLC would not provide asset protection and it was questionable whether a multiple-member LLC would provide [...]

Read the full article →

Establishing Florida Residency? Take the Time To Review Your Estate Planning Documents

September 28, 2011

Whether you are new to Florida, or have been here for years but have recently decided to become a Florida resident, now is the perfect time to review your estate planning documents.  In addition to ensuring your documents accomplish your estate planning goals, you also want to be sure your documents satisfy the specific requirements [...]

Read the full article →

The Importance of Transferring Assets to a Revocable Trust

September 2, 2011

Revocable Trusts are designed to avoid the probate process, but often they are unsuccessful because people fail to complete the critical step of transferring their assets into the trust vehicle. Probate is the process of transferring title to your assets after your death. During your lifetime you are able to transfer assets by executing a [...]

Read the full article →

← Previous Entries